How much can solar save?

Have you considered installing a solar energy system for your home or business? You have one important question: how much does solar save?

Solar energy becomes relatively cost-effective. In fact, a lot of Americans are considering using it now. According to Solar Industry Energy Association (SIEA), there were one million homes that have a solar energy system in 2016, rising to two million this year and it is expected to reach more than four million by 2023.

If you're still not interested in getting a solar energy system, you should be. The world’s dependence on fossil fuels has become questionable, both in regard to continuing supply and environmental impact. Solar energy is the solution for both problems and more.

Estimating the Solar Panel Install Cost

The national average cost for electricity consumption in the US according to statistics is around 1kW per hour, with the national price of 1 kW per hour of electricity at $0.12. There are 730 hours in a month, which means the average electric bill floats around $87.6. If you got much higher than that, don't be surprised!

The cost of electricity diversifies state by state. Of course, what we use in our homes play a big role in what our electricity bill averages per month. Also, think about all the other appliances in your home that run in the background. These are all the small things that cost your utility bill to move up. And with the increase of electric bills by 3% every year, you might want to hear more about the solar energy system.

Solar Panel Cost

A solar panel installation cost around $5 per watt and a solar system is around 3kW. With these, solar power systems can be installed for just $15K.

If you want to know all the costs involved in installing solar panels, you need to break down the price by the cost of the product and the cost of the labor. Around 30% of the cost from a $15K residential solar panel system is for solar panels. Those costs differ depending on the type of panel you buy. The price of solar panels is determined per-watt basis.

How much solar panels will save you?

Solar panels will help you save money on energy costs the longer you live at the same house. How? It is by regaining the installation costs through savings on your power bill.

Less power from the grid- Using a solar system will help you save more since you won't be using much electricity from the grid.

Price of electricity- The price of electricity rise up every year, so, using a solar system who can generate its own power that comes from the sun can help you save more.

Stored power- If you are not using your electricity because you are not home, you don't have to worry that it will go waste. Net metering sells the electricity you are not using back into the typical grid-tied PV system and enables your home to generate your own electricity efficiently. Throughout the day, most solar customers generate more electricity than they use; net metering enables them to export that power to the grid and reduce their future electric bills.

Property value- Solar panels can increase the value to your property. Let's say you are going to sell your house, there's a big possibility that buyers would pay a higher price. According to the U.S. Department of Energy, property values increase $20 for every $1 of utility savings per year. With a 5 kW unit installed in your home, you could easily increase the value of your home by at least $20,000.

Environmental - Combat Climate Control with Solar Panels

Using solar power instead of typical forms of energy lessens the amount of carbon and other pollutants that are released into the environment. Reducing the amount of carbon that it releases in our atmosphere. Solar is known to have a favorable impact on the environment.

When fossil fuels are burned to generate electricity, they release harmful gases that are the main cause of air pollution and climate change. Not only are fossil fuels harmful to the environment, but they are also a limited resource. Because of this, the price is continually fluctuating and can double the price in a short period of time.

If you’re considering going solar, Forme Solar can definitely help you evaluation the best options for your goals. We want to empower homeowners in their shift to renewable energy sources and reduce their energy costs.

Contact us today so you can start the process of figuring out if solar panels are the right option for you and your house.

We’d love to help you out!